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Turkey - Real Estate Going Global

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Turkey - Real Estate Going Global

According to article 35 of Land Registry Law numbered 2644 (the “Law”), in principle, foreign individuals may acquire immovable assets. Before 18 May 2012, such acquisition was subject to the conditions provided under the Law. The respective conditions were as follows:

- Existence of Reciprocity between Turkey and the respective country of the individual wishing to acquire real estate; (both de jure and de facto);

- The total size of the real estate acquired or in which an interest is acquired will not exceed 2.5 hectares; and

- The total size of real estate to be acquired in one city will comply with any restrictions on size imposed by the Council of Ministers for that particular city.

On the other hand, Law amending the Land Registry Law has been published in the Official Gazette dated 18 May 2012 and numbered 28296. (“Amendment”) With the Amendment;

- The Reciprocity principle provided under article 35 of the Law has been abolished. Therefore, foreign individuals may acquire real estates in Turkey without complying with the Reciprocity principle as of 18 May 2012. The Council of Ministers is the competent authority to determine the nations of whose citizens may acquire real estate in Turkey; and

- The area threshold provided under article 35 of the Law has been expanded. With the Amendment, the total size of the real estate acquired or an interest acquired by the foreign individual has been limited to 30 hectares nationwide and 10% of the district where the real estate is located.

Source : PWC

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